So Far So Good... Very Competitive Rates at Riders Plus Insurance

[Malks]

However, just because company A might charge someone a lot less than company B, it doesn't mean that company B is ripping people off. It's always possible that next season the tables will have turned again, so it pays to do your homework. I'm generally too busy to bother, which is why for more years than not I've used a broker to handle my insurance needs.

I shop around every year because I want to be sure I am getting the best value for my money. Over the past 10 years I have been insured by Jevco, Primmum, Riders Plus and now TD, which is currently using Primmum as their underwriter for motorcycle policies. Next year I will do the same and shop for the best rate. Who knows, Riders Plus might come out as the best value next year; they beat Primmum last year.

Whatever happened to the loyalty bonus where a policy holder was rewarded with a discount for staying with the same company year after year?

[ridersplus]

To answer your question, the rate decrease with Echelon was effective September 1, 2010 and the increase was effective March 1, 2011. Yes, a very short time, and clearly the significant drop followed by an increase back to the old levels caused confusion and misunderstanding... but it DID allow a lot of people to take advantage of great rates (as you apparently did).

Other questions are answered in post directly below this one.

If you would like specific answers to your specific case, which we won't do in a public forum, please feel free to call us at 1-877-251-4504 extension 237.

[ridersplus]

Most companies have "Loyalty Discounts" of 5% or 10%, but they are just one of many possible discounts, surcharges, etc. And those Loyalty Discounts often even apply if your previous insurance was with a different company, which is, admittedly, rather odd (but hey, as long as it gets applied). And we agree with you wholeheartedly that significant rate fluctuations certainly don't convey the impression that a company is trying to keep you. The insurance companies simply have to set their rates to reflect their losses, which fluctuate more than we'd care to see sometimes. Hopefully things are straightening out across the industry, and all indications are that this is the case.

[grendel]

I'm reading this thread because I'm interested in all the options y'all have in your provinces... (for several reasons) I'm tempted to uproot and relocate!
Here in Manitoba, we have a public insurer, and that's it. No competition, no rate-hopping... Just monopolistic MPI.

+++++ we now return you to your regularly scheduled thread +++++

[Gerhard]

Over the past 10 years I have been insured by Jevco, Primmum, Riders Plus and now TD, which is currently using Primmum as their underwriter for motorcycle policies.

I was a Jevco customer and then got a letter and it became Primmum and this year my renewal came from TD. I don't know if it was acquisition, mergers or the sale of the motorcycle portfolio but I am not the kind of person that can be bothered to shop for the best rate every year but the times that I checked they seemed to be in the ballpark. I would not switch for a $50 advantage and on average I probably do o.k.

Gerhard

[Malks]

I would not switch for a $50 advantage and on average I probably do o.k.

Gerhard

Every year I do online quotes from every insurer that operates in Ontario. It only takes a few minutes and lets you know if your current renewal quote is in line with other companies out there. I saved over $130 this year over the renewal I was offered, but would switch for as little at $20.00 because it is better in my pocket than theirs.

[Gerhard]

I think that is just a difference in our personality, not being critical of how you do it but it's not for me. Just for the record my renewal for 1999 ST1100 is $720 which seems like a decent price when compared to folks I ride with, I think it is slightly lower than last year. Ten years ago I paid $800+ so if I ride another 70 years or so it might be free.

Gerhard

[Uwe W.]

I'm curious what Riders Plus' take is on the recent buyout of Jevco by Intact. My wife and I just renewed our policy with Riders Plus, but of course are wondering what to expect this time next year by this development in the insurance industry.

[ridersplus]

Sorry for the delay, Uwe. Great question: Intact is a very large company, used to be the Canadian division of ING (which is huge internationally). Jevco is very specialized, and besides motorcycles has a range of commercial insurance offerings, high risk auto, etc. So both companies are very reputable and solid.
Our hope is that, regardless of how things get restructured in the changeover (which doesn't begin to happen until Fall 2012, and no one yet knows exactly how it will look), we really would like to see a continuation of availability of "stand alone" motorcycle insurance from the new entity. That is to say, that motorcyclists will still be offered reasonably priced insurance even if they don't insure their home and auto with Intact. Fingers crossed.